GreyWolf Management (GWM Capital), an investment fund, is currently developing three exploration projects in Kazakhstan, Kanat Kudaibergen, chairman of the board of directors, told Qazba.kz on the sidelines of the MINEX Kazakhstan 2026 forum.
“We currently have three projects, three licenses, in our pipeline. These are early-stage gold-copper exploration projects, the second project is lead-silver, and the third is manganese. We’ve already begun raising funds and securing financing. We also want to add even more projects to the market, probably up to ten or twelve,” said the head of the AIFC-registered management company.
According to him, the average project value before reserves are calculated ranges from four to ten million dollars. The fund primarily uses a cash-in approach, through the issuance of new shares by projects and their sale to investors. The management company works with them on a project financing basis, conducting cost assessments and leveraging the expertise of its technical team, which supports the project and monitors its development.
“In the future, I think we’ll either consider IPO or exit these projects. Because the fund’s mandate is only for the development period before reserves are calculated. After that, we have to exit,” he explained in an interview.
He confirmed that the junior platform being created at the Astana International Finance Center (AIFC) will be useful for the investment fund, as junior projects will undergo certain audit stages on it, which is convenient for investors.
“This platform will be very beneficial for us because it will make it easier for our fund to attract projects. Currently, we don’t have any available funds in circulation, since we already attract investment from investors depending on the availability of a project. We provide them with a pipeline of projects, using our in-house expertise, and demonstrate that these projects are promising,” he explained in the conversation.
He also noted that the current challenges in Kazakhstan’s junior market are projects, not funding. Some of them are not fully developed or carry high risks in the form of infrastructure issues or legal challenges, such as those related to specially protected natural areas or land issues, or the reaction of local communities. Furthermore, issues related to the availability of geological information remain unresolved, including due to the specifics of the state subsoil fund management program (PUGFN) and the priority rights of national companies.
Media outlets reported on the creation of an investment fund for juniors, GreyWolf Management, in 2023.
This material is generated by AI using the original article in Russian
